November 29, 2021

Cayman Islands lawyer and activist warns of “a looming financial crisis”

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Financial-CrisisA looming financial crisis hidden from electorate 2017 and facing Cayman Islands’ Government after elections?

By Peter Polack


1.The Cayman Islands Government has failed to include some $1.3 billion of liabilities for post-retirement healthcare benefits and pension liabilities for civil servants in its recently completed consolidated accounts.

2.Representatives of the Finance Ministry have declined to release a Jan. 1, 2014 financial evaluation of the Public Service Pensions system twice in the last six months, citing a pending review of the documentation by Cabinet ministers to occur at a date in the future.

3.The Cayman Islands owes US$312 million [CI$261 million] on what’s known as a “bullet loan” or “balloon payment” loan with the full amount coming due in November 2019.



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